BFI: Currency market commentary



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BFI: Currency market commentary

24.06.2010 10:30 Thursday

As the support at 1.2250 was broken with correction drop toward 1.2210 We accounting for that the current fall shall be stopped at 1.2250/70 and then jump 50 pips at least. Exactly the area around 1.2270 is perceived as the perfect level for any long position. In  case any stronger rebound the resistance at 1.2360 shall be a matter of few hours. However in case falls below 1.2210 the market may targeting at firm psychological support at 1.2000.


According to the  current upward pressure on this currency pair We suggest to open short position around the resistance at 1.1115 with a target 50 or 100 pips lower in longer perspective. However We suggest to consider 35 pips of stop loss order as jump above 1.1150 should reverse our strategy to more bullish with a target at 1.1230 at least.


The support area around 1.4900  appeared as the firm one meaning that  We may expect correction rebound even toward resistance at 1.5020/30 in optimistic scenario. So our daily recommendation perceives some longs from 1.4890 area as this support is highly expected to be tested.


In the latest few hours  We were dealing with falls toward 109.80. Today we suggest to consider some long positions from 109.90 with no more than 40 pips of stop loss order as any deeper slide may add 200 pips easily. On the other hand in case jump above 111.10 the first pause is expected at 112.10.